Musharaka REIT records SAR 5.8M operating loss, SAR 8.4M net loss in 2023
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Musharaka REIT Fund reported a net loss of SAR 8.4 million (-SAR 0.09 per unit) for 2023, compared with profits of SAR 10.9 million (SAR 0.12 a unit) for 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Rental Income | 112.21 | 106.68 | (4.9 %) |
| Funds from Operations(FFO) | 45.43 | 5.37 | (88.2 %) |
| Net Income | 10.90 | (8.35) | (176.6 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.52 | 0.06 | (88.2 %) |
| EPS (Riyals) | 0.12 | (0.09) | (176.6 %) |
Operating loss (OL) reached nearly SAR 5.8 million during the same year, compared to funds from operations worth SAR 33.8 million in 2022.
Interim Comparasion (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Rental Income | 56.03 | 54.52 | (2.7 %) |
| Funds from Operations(FFO) | 15.90 | 5.25 | (67.0 %) |
| Net Income | (2.02) | (8.98) | (344.3 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.18 | 0.06 | (67.0 %) |
| EPS (Riyals) | (0.02) | (0.10) | (344.3 %) |
Balance Sheet (Million)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Total Assets | 1,657.16 | 1,633.95 | (1.4 %) |
| Total Debt | 796.86 | 794.31 | (0.3 %) |
| Net assets attributable to the Unitholders Item | 816.87 | 784.76 | (3.9 %) |
| Market value of net assets | 895.37 | 833.82 | (6.9 %) |
The loss-making was due to the decline in rental income by 5% year-on-year (YoY) to SAR 95.5 million for 2023, with financing costs also up at SAR 57.2 million by year-end. This is in addition to the increase in fund management fees and other operating expenses.
Net asset value (NAV) stood at SAR 784.76 million as of Dec. 31, 2023, while net book value per unit reached SAR 8.92.
The market value of assets stood at SAR 833.82 million as of Dec. 31, 2023, with a market value per unit at SAR 9.48.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 52.17 | (7.1 %) | 0.11 | (99.6 %) | 0.63 | (95.1 %) |
| H2 2023 | 54.52 | (2.7 %) | 5.25 | (67.0 %) | (8.98) | (344.3 %) |
| 2023 | 106.68 | (4.9 %) | 5.37 | (88.2 %) | (8.35) | (176.6 %) |
Balance Sheet (Million)
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2023 | 1,641.40 | (2.8 %) | 794.87 | 0.5 % | 799.90 | (5.4 %) | 904.03 | (5.2 %) |
| H2 2023 | 1,633.95 | (1.4 %) | 794.31 | (0.3 %) | 784.76 | (3.9 %) | 833.82 | (6.9 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2023 | NEG | 42.64 |
| Q4 2023 | NEG | More than 100 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2023 | 0.00 | 0.01 | 9.09 | 10.27 |
| H2 2023 | 0.06 | (0.10) | 8.92 | 9.48 |
| Current | |
| Number of Units (Million) | 88.00 |
| Net Income/Unit ( Riyal) | (0.27 ) |
| Funds from operations/Unit ( Riyal) | 0.12 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 40.62 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.56 |
| Asset Growth (%) | (2.16 ) |
| Revenue Growth (%) | 0.7 |
| Net Income Growth (%) | (1596.90 ) |
| Adjusted P/E (Last12) (X) | Neg |
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